Real estate industry is booming at a rapid pace. This is especially due to the advancement in technology and integration of the same within the industry. The rapid growth of the industry has also resulted in the creation of more jobs. It is now much more lucrative than it used to be.
A lot of potential real estate aspirants are entering the profession. Most of them start as trainees getting trained under established real estate agents. On the other hand, there is a minor percentage of candidates who begin off with establishing their own business. Although it can be a major risk, requiring more effort and time, it can pay off really well. Whichever path you choose, be sure to have met your state licensing and education requirements. If you’re interested in getting your real estate license in California, providers like 360training can help you finish your coursework and give your career a successful start.
In any event, one should seek inspiration from professional platforms such as lagunarealestate.com.au. Nevertheless, before entering into the industry, following are the pros and cons that one must be familiar with.
Pros
1. Freedom
All experts who are already in the field are of the view that the real estate industry provides ultimate freedom to professionals. A lot of people like the independence and freedom that comes with starting your own real estate business. It is majorly associated with the commissions that you get on closing the deals. Real estate industry is primarily based on commissions and you earn by getting such commission. This is one of the major pros of starting in the real estate industry.
2. Sense of responsibility
If you want to begin in the real estate industry, you should be ready to have some sense of responsibility. On a regular basis, you will be giving valuable advices to clients as to how to purchase or sell their valuable real assets. You will be engaged in a number of important decisions which would involve huge sums of money.
From structuring important transactions to drafting critical contracts, the responsibility in managing a real estate business is immense. Corporate employees get such responsibility after years. However, if you start your own business, such responsibility is undertaken from the very beginning.
3. Respect and prestige
Real estate is a profession that comes with a lot of respect and prestige. It is a profession that is valued by all people out there. This is due to the sophistication associated with the profession. The clients will value your ability to enable them to take decisions which can be really important for them. It is one of those professions which comes with utmost respect and honor. This is a major reason for you to enter the industry.
4. Excitement
Real estate industry is full of excitement. It can be very satisfying for professionals to close a deal successfully. It is a big achievement to find a potential purchaser and get the deal done. Only people who have achieved such feat can relate to the same. Thus, if you want to do something exciting in life, then becoming a real estate professional is one of the interesting options that you can look forward to.
5. Lucrative
Real estate industry is one of the most lucrative industries in the market. Although it is now more competitive than ever, you can make huge sums of money if successful. People purchase and sell the property at all the time. All real estate agents have to do essentially is connect them. If you are good at it, it is highly lucrative. Thus, if you aim to make good money, this is a professional field that you may consider getting into.
Cons
1. Irregular working hours
The real estate industry is not as regulated as other industries. It does not work in the same way as other businesses. A real estate agent is expected to work on Sundays as well. Although you will be in control of your schedule, the working hours are rough and tough. However, the results, in the end, are all worth the time.
2. Uncertainty
Real estate industry is one of the most uncertain industries right now. The income that you will generate will never be certain. You will earn some months and you will not earn some months. Although the potential to earn a high income is great, at the same time, the potential to earn low is more as well. You will primarily make money from commissions. It is not the same as getting paychecks every month. You will have to make adjustments to the commission-based lifestyle.
3. Requires a lot of effort
This is not strictly a con. The real estate industry can require you to put in a lot of effort even to begin as a newbie. It is not as easy and straightforward as other professions. It can be really complex and complicated to begin in the industry. There will also be no supervision from the seniors. There will be no mentor, coach and manager who will guide you. Thus, you will be more prone to making mistakes. This can cause you to be de-motivated in the industry.
4. Fierce competition
Real estate industry is one of the toughest industries right now when it comes to competition. You will come across thousands of candidates who are trying to make big in the industry. The supply of candidates is high. The competition is cut throat. This means that in order to be successful, you need to do things that other candidates are not willing to do so. Fierce competition can however be a positive for some candidates who take it as a driving force to be more successful.
The bottom line
Above are some of the major pros and cons in relation to the real estate business. However, this is not an exhaustive list. You will come across a variety other pros and cons of engaging into the industry when you familiarize yourself with it.
In any event, in order to understand the industry better, ensure that you consult with the right professional experts. Talk to real estate agents and tycoons to understand the industry better. All this will help you to be more successful.
